Tax Matters – November 2020 edition

If you are not lodging with a Tax Agent the deadline for individuals was the 31st October for lodgement, deadlines are also nearing for Trust and Company returns. If you lodge with an Agent your lodgement time varies so, please come and see us if you are having concerns around lodging your returns.

For those in business, and who may have previously received Job Keeper, you may now be finding it difficult to qualify for Job Keeper 2. There are alternative tests that can be applied , however we are also seeing issues with clients in trying to apply these tests. If you have any concerns please make an appointment to come in and discuss. If you are not going to qualify for Job Keeper 2 this may have a serious impact on your cashflow, so you need to be prepared. Again, if you are concerned come and see us, we can put together cashflow forecasting for you and project out to see if you are likely to incur a cashflow shortfall in the months ahead. It is also timely to review costs and profit margins which we can help you with. Do not bury your head in the sand and hope everything will be ok, you need to be proactive and not reactive.

Unfortunately, in more recent times, we at TaxArana have had to deal with deceased estates. It is essential that you have a well structured Will in place and be aware of any taxation implications around your Will and how your assets are dealt with. It is important to have a Will and important to seek legal advice around the structure of your Will. If you die without a Will this creates complications and may delay the distribution of assets to your loved ones. 

For more information contact TaxArana on 3351 6111, pop into the office on2 Glenlee St, Arana Hills or visit their website

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